So lets say I bought a RESIDENTIAL property and I use 40% of this for my piano teaching business, I am claiming 40% of all occupancy & and running costs on this property. (I understand that if I claim loan interest etc, i will be liable for CGT for 40% of the property when I sell it).
However, for land tax, lets say its $500. Do I claim 40% of $500, which is $200, or do I need to use other methods to calculate this? (floor area, sqm x sqm or something) ???
Or can I not claim land tax at all?
Any reply or advice would be much appreciated. Thank you in advance